Can someone please check my accounting homework (FIFO)?

-Date Activities Units Acquired at Cost Units sold at Retail

Jan. 1 Beginning Inventory 185 units @ $ 7 = $ 1,295

Jan. 10 Sales 135 units @ $ 15

Jan. 20 Purchase 265 units @ $ 6 = 1,590

Jan. 25 Sales 190 units @ $ 15

Jan. 30 Purchase 215 units @ $ 5 = 1,075

Totals 665 units $ 3,960 325 units

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Liberty uses a perpetual inventory system. Ending inventory consists of 340 units, 179 from the January 30 purchase, 125 from the January 20 purchase and 36 from beginning inventory. (Round all per unit costs to 2 decimal places. Round your answers to the nearest dollar amount. Cost of goods sold equals the number of units sold multiplied by the per unit cost. The inventory balance equals the number of units remaining multiplied by the per unit cost. Omit the "$" sign in your response.)



here is my answer. (it is really hard to type it up in answers so please bare with me)

1/1 Inventory: 1,295

1/10 Cost of goods: 945, Inventory 350

1/20 Inventory: 1,940

1/25 Cost of goods: 1,640, Inventory: 300

1/30 inventory: 1,375



Total: 2,585



Thanks for any help!Using a perpetual FIFO system, the cost value of the actual units in Ending Inventory is not based on specific identity, but on FIFO values.



Your Inventory balance on 1/20 of 1,940 is correct. But the 190 units sold on 1/25 include 50 at $7 and 140 at $6, totaling $1,190 in Cost of Goods Sold, leaving 125 units at $6, or $750. On Jan 30, added 215 at $5, or $1,075, for Ending Inventory of $1,825.